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Q&A Forum

How can I best help a client that has 10 years of tax filings to catch up on?

Andrew K
Title: Director of Tax and Accounting
Company: Silver Leaf
(Director of Tax and Accounting at Silver Leaf)
I had someone approach my firm and ask to help them file past tax returns. This client has not filed since 2008, and it appears he may owe taxes between 2008-2012 (he withdrew early fro...
28 Views | 0 Answers/Comments

How to fix incorrect IRA classification

Anonymous
(None)
We opened a Vanguard IRA in 2001 and it was supposed to be a Roth. We made contributions in 2001, 2002 and 2003 and all years were under the allowable $3000 limit. Now we want to take o...
12 Views | 0 Answers/Comments

Do foreign owned companies owe U.S. federal income tax on income from holdings of U.S. Treasury bonds?

Anonymous
(Chief Risk Officer)
Do foreign (non-US) owned companies owe U.S. federal income tax on income from holdings of U.S. Treasury bonds? For context, the foreign company has no U.S. citizen or resident owner...
28 Views | 2 Answers/Comments

Capital Gains from Small Business Stock Sale

Charlie Emit
Title: Student
Company: College
(Student at College)
Say I invested in a small business in January 2010 (qualifies for 1012 treatment, 75% exclusion) and decided to sell the stock today. I also sold some small business stock at a loss thi...
33 Views | 0 Answers/Comments

Do I have to report earnings of an Israeli subcontractor to Israeli taxing authority or anyone else?

Anonymous
(Advisor)
I have a contract to deliver educational services in Turkey. I will provide services, in country, with US citizens and an Israeli individual. In the US, all of the services are recorded...
26 Views | 0 Answers/Comments

Took on too much tax work- what do I do?

Anonymous
(Owner)
I own a niche tax practice and took on too much work this year. I've been working 90 hours/week and still don't think I'm going to be able to finish by the deadline. I'm still new (2nd ...
354 Views | 1 Answers/Comments

Foreign tax credit question

cam johnson
Title: owner
Company: prop
(owner at prop)
The foreign tax credit cannot be more than your total U.S. tax multiplied by the fraction of taxable income from foreign sources. Since I have some U.S. income, it's not possible for th...
50 Views | 2 Answers/Comments

LLC taxes: Loans Payable

musu pura
Title: llc manager
Company: hidea
(llc manager at hidea)
I and my wife owns LLC. Personally we(Me and my wife) loaned(Ex: $100) LLC 13 years ago. In 2018, LLC made a profit of $166. Since LLC never made profit last 13 years, there was no mone...
460 Views | 0 Answers/Comments

Theft loss related to uncertain exact value of valuable comic books - can I itemize loss?

Anonymous
(Owner)
As a teenager I collected comic books. I have a dozen large boxes of comics. I never tracked exactly what I had, but 20 years ago I sorted the most valuable into a single box. I stored ...
89 Views | 0 Answers/Comments

I have only filed once since 1992

Is Anonymous
Title: none
Company: none
(none at none)
I am a foreigner and moved to the US in 1990. In 1992 I lost money in the stock market and the IRS wrote me that I have to file taxes. So I did. And never again. The reason why I have n...
498 Views | 0 Answers/Comments

How do I file a 1099-MISC late in New York?

Billy Bob
Title: CEO
Company: BillyBobBob's LLC
(CEO at BillyBobBob's LLC)
Hi! I started business late last 2018 and I missed the Jan 31st 1099-misc deadline. I have 2 contractors (1 an S-Corp and 1 a Sole-proprietor) that I need to report payments on. How ...
1700 Views | 0 Answers/Comments

Rules regarding issuing a 1099 to a contractor in India, Phillipines, or Canada

Robyn Pinto
Title: Controller
Company: Sylvan
(Controller at Sylvan)
We are in the process of onboarding subcontractors that are located in India, Philippines, and Canada. All work will be completed in their resident country and we will transfer the mone...
1917 Views | 0 Answers/Comments

Relation between subsidiary and parent company regarding to taxes for the purposes of USA taxes reporting and withholding

ana bana
Title: compliance manager
Company: LLC
(compliance manager at LLC)
When filling out of W-8BEN-E there should be the beneficial owner and disregarded entity (if applicable) identified. Parent company is investing in real estates and is holding 94 %(voti...
2207 Views | 0 Answers/Comments

1099s for SAAS?

Anonymous
(Strategic program manager)
the 1099 instructions do not specifically address software. however, we purchase software from a vendor who is an LLC. should we send a 1099-misc for this?
3145 Views | 0 Answers/Comments

Confused with bonus depreciation, and recapture amount if sold the following year

David Matyas
Title: Manager
Company: SpecOp
(Manager at SpecOp)
I am a bit confused in regards to recapturing when using the bonus depreciation: If someone purchases a $60k SUV (greater than 6K pounds) and use it 100% for work. Then in 2018, they ca...
2796 Views | 0 Answers/Comments

990 Former Directors

Kathleen Reardon
Title: Controller
Company: South Shore YMCA
(Controller at South Shore YMCA)
we have always reported former Directors from prior years on our 990 even though they are not paid. am I correct in determining they do NOT need to be reported as that have not been pai...
3193 Views | 0 Answers/Comments

Sales Tax Exemption for Services in Florida

Zack Siegel
Title: Owner
Company: Bullish Advertising
(Owner at Bullish Advertising)
I am sending out invoices to clients for marketing services. For this alone, it is sales tax exempt in Florida, but if it contains the sale of a product it does not. If we are deliverin...
1706 Views | 0 Answers/Comments

My company is a 501(c)3 and are exempt for local property tax. Are we also exempt from leasing equipment property tax?

Debbie Longoria
Title: Accounts Payable Coordinator
Company: Blue River Services, Inc.
(Accounts Payable Coordinator at Blue River Services, Inc.)
We are leasing a postage meter and are now receiving a property tax invoice.
1683 Views | 0 Answers/Comments

Section 179 deduction

Anonymous
(Consultant)
Hello, I am unclear on how to handle tax accounting and journal entries under the following scenario. The company ordered a business computer from a retailer in December 2017 and rec...
1700 Views | 0 Answers/Comments

report primary home sale as ordinary income, not capital gain - possible?

Anonymous
(president)
is it possible not to have to calculate basis for a primary residence sale? acct thinks that all such sales must, without exception, calculate basis and report any non-excluded capit...
1258 Views | 0 Answers/Comments

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